Belgazprombank gets domestic-currency loan from EBRD

         The first loan in the national currency has been provided to Belgazprombank by the European Bank for Reconstruction and Development (EBRD).
         Belgazprombank and the European Bank for Reconstruction and Development signed an agreement on opening Belgazprombank a $20 million credit line to finance micro, small and medium-sized enterprises. A part of the credit line is provided in the Belarusian currency and hedged through Currency Exchange Fund (TCX). Thus, Belgazprombank has become the first Belarusian bank to use a new instrument of receiving funds from a foreign investor in the national currency, the bank said. It is the sixth credit line opened for Belgazprombank to finance small and medium-sized business. The EBRD credit line will let diversify Belgazprombank national-currency resource base and reduce currency risks of its clients, the bank added.
         Belgazprombank started its cooperation with the EBRD in 1997. Today the bank is among the EBRD main partners in Belarus. The bank uses a great part of the funds provided by the EBRD to support the financial sector of Belarus and help develop micro, small and medium-sized companies. After signing the aforesaid agreement the credit lines opened Belgazprombank by the EBRD for micro, small and medium business financing will exceed $75 million.